Plz fix: Subscription clothing company Stitch Fix is struggling

1/5/23 7:00PM

Plz fix

‍Online personal stylist Stitch Fix is cutting 20% of its workforce and parting ways with CEO Elizabeth Spaulding, after sales slowed and shares shed more than half their value last year.

Always on-trend, Stitch Fix is now following in the footsteps of giants like Disney and Starbucks by electing former CEO Katrina Lake, who founded the company, to step back up to the top job.

Lake founded Stitch Fix in 2011 while studying for an MBA. The company started with just 29 clients, most of whom were friends of the founder, with each box of clothes delivered in-person by Lake herself. That concept proved popular and the offering scaled to where it is today, where users leave their fashion fate in the hands of algorithms and stylists, receiving garments delivered to their door at frequencies they choose.

‍So last season

‍Using data to pick trends and garments propelled Stitch Fix to more than $2bn of sales in 2021, boosted by COVID which shifted many people’s shopping habits online. However, even in that record-breaking year, operating losses had already begun to mount and — after Katrina Lake stepped down as CEO in August 2021 — sales stalled, leaving the company with a $208m loss last year.

Whether Stitch Fix users have become subscription fatigued, grown wary of the ever-growing influence algorithms hold in everyday life, or simply have a stronger desire to get more agency in their clothing choices, it’s clear that algo-picked apparel is out of fashion... for now at least.

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Paramount reportedly offers concessions to resolve multistate antitrust investigation

Paramount has reportedly offered up some concessions in an effort to prevent an antitrust lawsuit by California and about 10 other states, according to Bloomberg reporting on Monday.

Reuters first reported on the potential suit from a group of unnamed states last week, which could throw a wrench in Paramount’s plans to buy rival Warner Bros. Discovery in a Hollywood megamerger.

The list of concessions is unknown, though Bloomberg previously reported that Paramount is open to divesting some of its kids TV assets to appease EU regulators.

Late last month, reports said US regulators appeared likely to approve the $110 billion merger, following a meeting between Paramount CEO David Ellison and DOJ antitrust staffers.

Paramount Offers Concessions to Head Off State Antitrust Lawsuit

The list of concessions is unknown, though Bloomberg previously reported that Paramount is open to divesting some of its kids TV assets to appease EU regulators.

Late last month, reports said US regulators appeared likely to approve the $110 billion merger, following a meeting between Paramount CEO David Ellison and DOJ antitrust staffers.

$98B ⛽

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The IATA released its latest financial outlook for the airline industry over the weekend, forecasting a $98 billion jump in the sector’s collective fuel bill. The world’s largest trade group representing airlines expects the oil spike to halve profits by 49% from last year to $23 billion.

The group also expects profit margins to halve year over year, falling from 2025’s 4.2% to 2%. Still, revenue is expected to climb to $1.17 trillion from $1.07 trillion.

A surge in the cost of jet fuel has rocked US and global airlines this year, leading Delta Air Lines, United Airlines, American Airlines, Southwest Airlines, JetBlue, and others to raise fares and ancillary charges like bag fees. Low-cost carriers, which operate on smaller margins, have been squeezed the hardest, resulting in Spirit’s shutdown.

“It’s a tough year for all airlines, especially those whose balance sheets had not yet recovered from COVID. And, of course, for those operating in the Gulf,” said IATA Director General Willie Walsh, who added that demand is holding up and about half of passengers expect to spend more on travel this year. “That bodes well for a strong northern summer peak season. The big unknown is how long travelers and shippers can tolerate the higher costs of connectivity.”

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GM has reportedly rehired more than 100 former Cruise employees, 18 months after shuttering the robotaxi unit

GM has rehired more than 100 employees it let go early last year when it shuttered Cruise, its former robotaxi business, according to reporting by The Information.

The hiring spree, which also includes employees from Nvidia and Uber, is geared toward ramping up GM’s plans for personal-use self-driving vehicles and not robotaxis. The former had been the focus of Cruise, prior to GM shuttering it in 2024.

Reporting last fall revealed that GM was attempting to rehire some former Cruise employees, but the scope of that effort wasn’t clear. More than 1,000 employees were laid off when the automaker scrapped Cruise, which it invested $10 billion into.

Google’s Waymo, Cruise’s former chief rival, is now worth $126 billion after a $16 billion funding round earlier this year. The company says it’s serving 500,000 paid robotaxi rides per week in the US.

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